Lippo, the Indonesian-backed Hong Kong-listed conglomerate, said yesterday it would invest up to HK$10 billion over the next three years to develop property and retail holdings in the mainland, while continuing to offload non-core assets.

A proposed sale of a $40.6 million stake in Lippo Tower was thwarted after the seller failed to provide an adequate means of escape from the building. Mexon Holdings intended to buy a share in Lippo Tower in May 1997, with the exclusive right to use a room on the 33rd floor. The purchase price was to be $40.6 million, and Mexon paid a deposit of $8.1 million to Silver Bay International.

Sun Hung Kai confirmed yesterday it was paying $500 million for a 49 per cent interest in Lippo Capital, which in turn owns a 49.85 per cent interest in locally listed Lippo Ltd. It said it believed the acquisition could derive synergies because its core businesses of financial services were very similar to that of Lippo.

Jet Air International Group says it intends to vigorously defend itself against a writ filed last Thursday by Lippo Securities alleging the company had failed to settle margin calls amounting to about $4.97 million plus interest and costs. It said it was seeking legal advice but believed it had a very strong defence and intended to make a counter-claim against Lippo.

Lippo China Resources (LCR) has sold four of 10 units on the 37th floor in Peregrine Tower, according to property agents. Prices ranged from $3,400 per square foot for a 304 sqft unit to $8,800 per square foot for a 792 sq ft unit.

Lippo Ltd yesterday signed a US$120 million commercial paper programme, arranged by International Bank of Asia.

The company, part of the Indonesian-based Lippo Group, sees the programme as a sort of revival for the commercial paper market in Hong Kong, which has been almost non-existent since the Hong Kong Monetary Authority started issuing short-term notes.

As a member of the so-called 'tiresome women's-lib brigade', I take exception to Keith Marshall's (South China Morning Post, May 22) sarcastic suggestion that our 'squealing' about Lippo Securities' recent memo threatening to fine female employees for wearing trousers could be silenced by a similar ban on male staff wearing dresses.

While the Equal Opportunities Commission chief skirted around the issue, the Employment Ordinance was consulted on Lippo's rights to threaten a $300 fine for women staff who wore trousers. The upshot was that it was illegal, but a closer reading of the law showed perhaps they could have got away with it.

To assert that the women and men ('the tiresome women's-lib brigade') who objected to Lippo Securities' sexist no-pants policy are simply 'squealing' over the latest 'excuse' is no doubt his tongue-in-cheek way of lampooning this Neanderthal policy and its supporters.